The largest car manufacturing company in the world was created
France’s Peugeot and America’s Fiat-Chrysler officially merged with each other to create the world’s largest automobile company.
The shareholders of Fiat Chrysler Group and Peugeot Citroen approved the merger of these companies in order to establish Stellantis NV, the world’s largest automotive group with a capital of 52 billion dollars.
Carlos Tavares, the chairman of the board of directors of Peugeot, who will later work as the CEO of Stellantis, unveiled his plans and the outlook of the new automotive group in a press conference on Tuesday, January 19.
After long negotiations on the future of these two giants of European car manufacturing (Fiat Chrysler and Peugeot Citroen), the parties officially agreed to launch a new car manufacturing group called Stellantis.
The group will have 11 board members, including Carlos Tavares, five members from Peugeot and five members from Fiat, and as a result of this merger, none of the subsidiaries’ facilities will be closed.
“Our discussions have paved the way for the creation of a new group on a global scale, 50 percent owned by PSA Group shareholders and 50 percent by the other,” PSA and Fiat Chrysler Automobiles Group said in a statement. “The ownership will be with the shareholders of the FCA group.”
Fiat, Opel, Peugeot, Alfa Romeo, Chrysler, Dodge, Jeep and Maserati are among the brands that are present in the Stellantis automotive group. The 14 brands of this group accounted for about 9% of the global car market with the sale of 8 million cars in 2019. After long negotiations on the future of these two giants of European car manufacturing (Fiat Chrysler and Peugeot Citroen), the parties officially agreed They arrived to launch a new car manufacturing group called Stellantis.
The group will have 11 board members, including Carlos Tavares, five members from Peugeot and five members from Fiat, and as a result of this merger, none of the subsidiaries’ facilities will be closed.
“Our discussions have paved the way for the creation of a new group on a global scale, 50 percent owned by PSA Group shareholders and 50 percent by the other,” PSA and Fiat Chrysler Automobiles Group said in a statement. “The ownership will be with the shareholders of the FCA group.”
